2Sem.·

Analyse des multiples des conglomérats mondiaux de l’e-commerce

En étudiant MercadoLibre $MELI (-0,01 %) je me suis aussi intéressé aux principaux concurrents mondiaux : Amazon $AMZN (+0,87 %) et Alibaba $BABA (-0,73 %)

Le constat sur les multiples de valorisation est sans appel : Alibaba est clairement sous valorisé par rapport à ses concurrents américains.

VE/EBITDA ‪

Alibaba: 8,16‬x

Amazon: 21,51x

MercadoLibre: 35,37x

VE/CA‪

Alibaba: 1,54x

Amazon: 3,81x

MercadoLibre: 4,71x

PER

Alibaba: 17,44‬x

Amazon: ‪47,20‬x

MercadoLibre: ‪62,27‬x

Mon avis sur cet écart 💡 ?

1. La croissance d'Alibaba est en berne (+1,6% en 2024) quand MercadoLibre croit de +31,13%

2. La Chine fait peur aux investisseurs par le ralentissement de sa croissance mais aussi son opacité économique et géostratégique.

Est-ce que vous trouvez que les multiples d'Alibaba sont une opportunité d'investissement ? 🤔

#stockanalysis
#bourse
#stocks
#tech
#ecommerce
#valuation

3 Commentaires

Toshi@Toshi-and-the-Mountain

2Sem.

I invested in $BABA long long time ago and after a while I sold taking some profit.

Chinese stocks are such a pain because of their government. Sure they have nice companies, but once their size scares out the government or once they are not useful to achieve government plans then they get crippled down.

If you want to invest in China always look for companies aligned with government strategies (BYD is the current example) else just put your money somewhere else. It will grow faster and with less pain.

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Theo@stockpicker@stockpickerFr

2Sem.

@Toshi-and-the-Mountain thanks for your insights. I still own some JD.com ($JD) as I’m really impressed by their technological assets in terms of logistics and capacity to deliver in one day 90% of the Chinese.
Though I agree, Chinese stocks never got the multiple they deserved when acting independently politically… too bad 🥲

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Toshi@Toshi-and-the-Mountain

2Sem.

@stockpickerFr exactly and as we speak this news is just out:

https://finance.yahoo.com/news/tencent-shares-decline-us-adds-182247122.html

Sounds almost like a joke.

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